Cortina's H1 sales and earnings take a hit from Covid-19

LUXURY watch retailer Cortina Holdings on Friday posted lower sales and earnings for its half year ended Sept 30, as its business took a hit from Covid-19.

Net profit fell 23 per cent to S$14.6 million; revenue fell as well - by 32 per cent to S$173.8 million. Earnings per share was 8.8 Singapore cents, compared to 11.4 cents in the year-ago period.

This was despite its other gains and income of S$6.7 million, consisting mainly of grants from the government support scheme and rent concession from landlords because of the pandemic.

Operating expenses comprising staff costs, advertising expenses and depreciation and other expenses, fell 18.1 per cent; finance cost was 34 per cent lower than a year ago.

The retailer said that it will continue to review and fine-tune its strategies to adapt to the changes and emerging trends in the industry and in the markets that it operates.

"Due to the Covid-19 pandemic, the global economy remains volatile and continues to pose challenges to the group's performance. With the travel restrictions still in place regionally and globally, the prospects of future growth will be affected," it said.

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Its balance sheet remained healthy, however, with a total equity of S$234.8 million, up slightly from S$231.8 million as at end-March. Cash and bank balances were at S$122.3 million, compared with $114.4 million at end-March.